Debt & Debt-Like Financing Report 2017

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Debt & Debt-Like Financing Report 2017 FLORIDA DEPARTMENT OF TRANSPORTATION DEBT & DEBT-LIKE FINANCING REPORT 2017 Prepared and Published by: Office of Comptroller - General Accounting Office Revenue Management Section (850) 414-4866 TABLE OF CONTENTS Organizational Structure ................................................................................... 3 The Florida Transportation Commission ............................................................... 3 State Transportation Trust Fund (STTF) Financing ................................................ 3 Transportation Debt Limitation ........................................................................ 5 Bond Financing Programs ............................................................................... 6 Right-of-Way Acquisition and Bridge Construction Bonds.................................. 6 Grant Anticipation Revenue Vehicles (GARVEE) Bonds ..................................... 8 Fixed Guideway Bonds ................................................................................. 9 Florida Seaports ........................................................................................ 10 Financing Support Programs ......................................................................... 11 Lease-Purchase Agreements ....................................................................... 11 Operating and Maintenance Loans for Florida’s Turnpike Enterprise Projects ..... 12 Department Covenant to Pay Florida’s Turnpike System O&M Costs ................ 12 Toll Facilities Revolving Trust Fund Loan Program ......................................... 12 State Infrastructure Bank (SIB) .................................................................. 12 State-funded SIB ...................................................................................... 14 Federal-funded SIB ................................................................................... 14 Florida Department of Transportation (FDOT) Financing Corporation ............... 14 Public-Private Partnerships (P3) .................................................................. 15 Transportation Infrastructure Finance and Innovation Act (TIFIA) ................... 16 Private Activity Bonds (PABs) ..................................................................... 17 Build America Bonds (BABs) ....................................................................... 17 Florida’s Turnpike Enterprise ........................................................................... 18 History ....................................................................................................... 18 Turnpike Enterprise Bonding Program ............................................................ 20 Turnpike Enterprise Revenues ....................................................................... 21 Turnpike Enterprise Operating & Maintenance Costs......................................... 22 Department-Owned and Operated Toll Facilities ................................................. 22 Sunshine Skyway Bridge .............................................................................. 22 Everglades Parkway (Alligator Alley) .............................................................. 22 Pinellas Bayway ........................................................................................... 23 I-95 Express ............................................................................................... 24 Department-Owned and Concessionaire Operated Toll Facilities ........................... 24 I-595 Express ............................................................................................. 24 Department-Operated Toll Facilities .................................................................. 25 Mid-Bay Bridge ............................................................................................ 25 Garcon Point Bridge ..................................................................................... 25 Other Toll Facilities ......................................................................................... 26 Miami-Dade Expressway System ................................................................... 26 Central Florida Expressway System ................................................................ 26 Selmon Expressway ..................................................................................... 26 Supplemental Information ............................................................................... 27 Debt Affordability Analysis and Report ............................................................ 27 Revenue Limitation ...................................................................................... 27 State Transportation Revenues...................................................................... 27 Financial Controls ........................................................................................... 28 Five-Year Work Program Development Process ................................................ 28 Monthly Production Management and Performance Monitoring Process ............... 28 Monthly Cash Forecast Process ...................................................................... 28 Multi-Year Finance Plans ............................................................................... 29 Turnpike Enterprise Finance and Production Offices ......................................... 29 Quality Assurance Review Processes .............................................................. 29 Other Oversight ............................................................................................. 29 Revenue Estimating Conference (REC) ........................................................... 29 Florida Transportation Commission ................................................................ 29 Independent Auditors ................................................................................... 29 Summary ...................................................................................................... 29 FLORIDA DEPARTMENT OF TRANSPORTATION The Florida Department of Transportation (FDOT or department) is responsible for planning, developing, and maintaining the State’s Transportation System (consisting of Interstate Highways, Florida’s Turnpike, the Strategic Intermodal System (SIS), rural and urban highways, and other selected urban roads, public transit, rail, airports, and seaports). The department's mission is "to provide a safe transportation system that ensures the mobility of people and goods, enhances economic prosperity, and preserves the quality of our environment and communities." The primary purpose of the DEBT & DEBT-LIKE FINANCING REPORT is to provide information about the FDOT debt and debt-like financing programs and controls as of June 30, 2017 (except as noted otherwise). It is not an offer to sell securities or the solicitation of an offer to buy securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The information in this report is not guaranteed. There is no assurance about the accuracy or reliability of the information, and there is no obligation to update any information provided in this report. Also note that all spending authority is subject to Legislative Appropriation. Debt & Debt-Like Financing Report 2017 Page 1 FLORIDA DEPARTMENT OF TRANSPORTATION HOLMES ESCAMBIA 2 SANTA JACKSON ROSA NASSAU WASH. GADSDEN WALTON WALTON HAMILTON OKALOOSA OKALOOSA x LEON MADISON SUWANNEE DUVAL CALHOUN BAY JEFFERSON BAKER WAKULLA LAFAYETTE COLUMBIA COLUMBIA LIBERTY 3 LIBERTY TAYLOR JOHNS UNION CLAY ST. GULF BRAD. FRANKLIN GILC. ALACHUA DIXIE PUTNAM LEVY Headquarters FLAGLER District 1 – Bartow MARION 5 VOLUSIA District 2 – Lake City District 3 – Chipley CITRUS SEMI. SUMTER SUMTER LAKE District 4 – Fort Lauderdale HERN. LAKE *ORANGE District 5 – DeLand 7 PASCO OSCEOLA District 6 – Miami HILLSBOROUGH BREVARD BREVARD District 7 – Tampa PINE. POLK Turnpike Enterprise – Mainline, INDIAN Mile Marker 263, Turkey Lake RIVER MANATEE OKEECHOBEE HARDEE Service Plaza* ST. SARASOTA LUCIE x HIGHLANDS Rail Enterprise – Tallahassee DESOTO HIGHLANDS MARTIN CHARLOTTE GLADES 4 PALM HENDRY 1 LEE BEACH BROWARD COLLIER DADE MONROE MONROE 6 Debt & Debt-Like Financing Report 2017 Page 2 FLORIDA DEPARTMENT OF TRANSPORTATION Organizational Structure Pursuant to Section 20.23, Florida Statutes, FDOT is decentralized to allow operational decisions to be made in the department's seven district offices as well as the Turnpike Enterprise and Rail Enterprise. The Central Office is responsible for policy, procedure, quality assurance, finance, and general administrative functions. The district offices have operational responsibilities. This organizational structure gives local governments and metropolitan planning organizations direct input into the agency at the level where project selection decisions are made. The department is headed by the Secretary of Transportation (Secretary) who is appointed by the Governor from among three persons nominated by the Florida Transportation Commission. The Secretary is subject to confirmation by the Senate and serves at the pleasure of the Governor. The District Secretaries, the Executive Director of the Turnpike Enterprise, and the Executive Director of the Rail Enterprise report to FDOT’s Secretary. The Florida Transportation Commission The Florida Transportation Commission (Commission) provides
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